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Condensed Financial Information of Registrant (Tables)

12 Months Ended

Dec. 31, 2023

Condensed Balance Sheets

Supplemental balance sheet information related to leases is as follows (in thousands):


				December 31,
		Classification		2023				2022
Assets
Operating leases
Right of use operating lease assets		Other assets		$	7,277			$	10,674
Finance leases
Property and equipment, gross		Property and equipment, net			5,860				5,094
Accumulated depreciation		Property and equipment, net			(5,860	)			(5,017	)
Property and equipment, net		Property and equipment, net			—				77
Total lease assets				$	7,277			$	10,751

Liabilities
Operating leases
Other current		Current portion of operating lease liability		$	3,354			$	4,957
Non-current		Operating lease liability, less current portion			5,931				7,879
Total operating liabilities					9,285				12,836
Finance leases
Other current		Accrued liabilities			—				104
Total finance liabilities					—				104
Total lease liabilities				$	9,285			$	12,940

Parent [Member]

Condensed Balance Sheets

(PARENT COMPANY ONLY)

CONDENSED BALANCE SHEETS

(in thousands, except share and per share data)


		As of December 31,
		2023				2022
ASSETS
Investments in subsidiaries		$	872,206			$	1,107,356
LIABILITIES AND EQUITY
Liabilities		$	—			$	—
EQUITY
Common stock - $0.001 par value; 1,000,000,000 shares authorized, 145,074,802 and 148,732,603 shares issued and outstanding as of December 31, 2023 and 2022, respectively			145				149
Additional paid-in-capital			942,763				1,156,901
Accumulated deficit			(49,545	)			(27,363	)
Accumulated other comprehensive income			(21,157	)			(22,331	)
Total equity			872,206				1,107,356
TOTAL LIABILITIES AND EQUITY		$	872,206			$	1,107,356

Condensed Statements of Operations and Comprehensive (Loss)

FIRST ADVANTAGE CORPORATION

(PARENT COMPANY ONLY)

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS)

(in thousands, except share and per share data)


		For the Year Ended December 31,
		2023				2022				2021
Equity in net income of subsidiaries		$	37,293			$	64,604			$	16,051
NET INCOME			37,293				64,604				16,051
Foreign currency translation adjustments			1,174				(20,694	)			(4,121	)
COMPREHENSIVE INCOME		$	38,467			$	43,910			$	11,930

NET INCOME		$	37,293			$	64,604			$	16,051
Basic net income per share		$	0.26			$	0.43			$	0.11
Diluted net income per share		$	0.26			$	0.43			$	0.11
Weighted average number of shares outstanding - basic			144,083,808				150,227,213				140,480,590
Weighted average number of shares outstanding - diluted			146,226,096				151,807,139				141,687,384